Why is NEAR Protocol price down today? NEAR drops 9% below $4

NEAR Protocol (NEAR) price has dropped below $4 on November 3, losing 9% over 24 hours as selling pressure across AI-related cryptocurrencies and the broader market continued. Summary NEAR Protocol fell 8.75% to $3.75 on November 3, extending its weekly losses to 14.11%. Selling across AI-related cryptocurrencies and weakness in the broader market accompanied NEAR’s decline. NEAR’s House of Stake approved a proposal to reduce annual token issuance from 2.5% to 1.6% over 24 months. The proposed reduction could lower staking rewards, although validator approval is still required before implementation. Analysts are watching support between $3.50 and $3.70 after NEAR failed to hold the $4.30 level. NEAR price traded at around $3.75 at the time of reporting, with daily trading volume reaching $551.02 million, according to crypto.news market data. NEAR traded between $3.75 and $4.15 during the session, while its market capitalization stood at approximately $4.91 billion. Meanwhile, the decline brought weekly losses to 14% and extended the token’s monthly drop to 21%. NEAR has now lost more than 30% from its October peak near $6, reversing part of the rally that began earlier this year. N...